Horsham-based Clinical Ink has been acquired by GI Partners, a private investment firm, and is planning to use the funds from the sale to fuel its next stage of growth, writes John George for the Philadelphia Business Journal.
Financial terms of the deal have not been disclosed.
The clinical trials technology company’s previous lead investor, NovaQuest, will continue as the firm’s minor investor. Additionally, Clinical Ink’s management team has made a significant investment in the transaction.
Ed Seguine, Clinical Ink CEO, called the deal with GI Partners a “powerful validation” of the company’s model.
He added that the proceeds will provide the company with the option of growth through acquisitions, which would accelerate its global expansion.
Clinical Ink will continue to be based in Horsham, where around 90 of its 150 employees work. The company tripled its revenue last year and is now expected to approach $40 million for this year.
The company’s technology platform, Lumenis, collects clinical trial data electronically. Its main customers include pharmaceutical and biotech companies, contract research organizations, and academic institutions.
Read more about Clinical Ink at the Philadelphia Business Journal by clicking here.
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